A standard homeowners insurance policy can help you repair damage to your home, and to replace items that were stolen from it. However, this type of policy doesn’t provide you with financial protection for damages caused by the wrath of mother nature. Instead, there are a variety of other insurance policies that can help. Just make sure you buy the right kind of insurance before a disaster strikes.
What happens if an earthquake strikes, and damages your home? A typical homeowners policy, like the kind you probably purchased when you got your mortgage, will not cover damages due to an earthquake. For that kind of coverage, you will need to buy an earthquake insurance policy.
If you live in California, then you can check the California Earthquake Authority (CEA) website in order to find an earthquake insurance policy that is right for you. There are policies for people who own homes, condos, or mobile homes, and policies for renters. These policies are sold through CEA participating insurance companies. Speak with an insurance agent in order to find the right amount of earthquake insurance for you.
Keep in mind that there are states other than California that have fault lines running through them. Homeowners in other states should not necessarily consider themselves to be “immune” to earthquakes, just because they don’t happen to live in California.
What about if a flood happens? A typical homeowners policy isn’t going to cover you for damages due to floods. This seems to surprise a lot of people. The recent tsunami made a lot of people wonder about what kind of protection they would have if their home was flooded due to a natural disaster. If you want to be protected from flooding, then you will need to buy a flood insurance policy.
A good place to start looking for a flood insurance policy is through FEMA. They have a National Flood Insurance program that can cover your home, as well as the contents inside it. The policy could, potentially, cost as little as $129 per year. Flood insurance will cover damages that occur due to a flood or a tsunami.
How about if a nuclear disaster occurs? Will your homeowners insurance cover the damages that happen as a result of that? The answer, of course, is no. No, it will not cover it. Damage due to a nuclear disaster is excluded in all insurance policies.
Unlike flood insurance, or earthquake insurance, you cannot buy a nuclear disaster insurance policy. It simply doesn’t exist. If you live near a nuclear power plant, and something goes horribly wrong, making you the victim of a nuclear disaster, you will have some financial protection. Owners of nuclear power plants pay a lot of money on insurance every year that will cover victims for bodily injuries, sickness, property damage, and other loss. It can also cover the living expenses for people who had to be evacuated, due to nuclear disaster.
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